Devon Energy Drills Down On Growth: $5B Deal Expands Williston Basin Presence
Devon Energy Drills Down On Growth: $5B Deal Expands Williston Basin Presence
Devon Energy Corporation (NYSE:DVN) shares are trading lower today. The company disclosed a definitive agreement to acquire Grayson Mill Energy's Williston Basin business for $5 billion.
Devon Energy Corporation（纽交所：DVN）的股票今天表现不佳。该公司透露，已签署明确协议，以50亿美元收购Grayson Mill Energy的威利斯顿盆地业务。
The acquisition price comprises $3.25 billion in cash and $1.75 billion in stock. The acquisition includes 500 gross locations and 300 high-quality refrac candidates, extending Devon's inventory life in the basin to up to 10 years with three operated rigs.
收购价格包括32.5亿美元的现金和17.5亿美元的股票。 收购事件包括500个毛井位和300个高质量的压裂矿可以候选者，可将达文在盆地的储量寿命延长到10年，而且操作工具有三个。
The deal, subject to customary conditions and price adjustments, is expected to close by the end of the third quarter of 2024 and become effective on June 1, 2024.
该交易预计将在2024年第三季度结束，经过惯常条件和价格调整，将于2024年6月1日生效。
Outlook: The transaction is anticipated to immediately accretive to Devon's key per-share financial metrics, including earnings, cash flow, free cash flow, and net asset value.
展望：交易预计将立即对达文的各项关键每股财务指标，包括收益、现金流、自由现金流和净资产价值产生增值效应。
Post-deal closure, the company expects oil production to average 375,000 barrels of oil per day, with total production averaging 765,000 barrels of oil equivalent (Boe) daily across its diversified asset portfolio.
交易结束后，该公司预计每日石油产量将平均达到375,000桶，整个产量将平均达到每天765,000个油当量（Boe），并分布在其多元化的资产组合之中。
The transaction significantly enhances Devon's position in the Williston Basin, adding 307,000 net acres (70% working interest).
此次交易显著增强了达文在威利斯顿盆地的地位，增加了307,000个净亩（持续70%的工作利益）。
Production from these properties is expected to remain around 100,000 Boe per day (55% oil) in 2025.
预计到2025年，这些资产的产出将保持在每天约100,000个油当量（55%为油）左右。
With increased scale, Devon anticipates up to $50 million in annual cash flow savings from operational efficiencies and marketing synergies.
随着规模的扩大，达文预计能够通过提高操作效率和营销协同，达到每年5亿美元的现金流节省。
The transaction supports Devon's strong investment-grade credit ratings, targeting a net debt-to-EBITDAX ratio of about 1.0 times at closing. Devon plans to allocate up to 30% of annual free cash flow to reduce $2.5 billion in debt over the next two years.
该交易支持达文的强劲投资级信用评级，以对冲负债。而达文计划将每年的30%自由现金流分配到未来两年付款25亿美元的负债偿还。
Share Repurchase & Dividend: Given the transaction's positive impact on free cash flow, Devon's board of directors has increased its share repurchase authorization by 67% to $5 billion through mid-year 2026.
股份回购与股息：由于这次交易对自由现金流的积极影响，达文的董事会已将其股份回购授权增加了67％以达到50亿美元，并延续至2026年年中。
Additionally, the company anticipates the acquisition to enhance its dividend payout starting in 2025 and beyond.
此外，公司预计收购事件将增强其2025年及以后的股息支付能力。
As of the end of the first quarter of FY24, Devon's cash, cash equivalents, and restricted cash were $1.15 billion.
截至FY24第一季度末，达文的现金、现金等价物和限制性现金为1.15亿美元。
Devon anticipates reporting results for the second quarter of 2024 on August 6, 2024.
达文预计将于2024年8月6日公布2024年第二季度的结果。
Investors can gain exposure to the stock via Invesco Energy Exploration & Production ETF (NYSE:PXE) and Invesco S&P 500 Equal Weight Energy ETF (NYSE:RSPG).
投资者可以通过Invesco能源勘探和生产ETF（纽交所：PXE）和Invesco标普500等权重能源ETF（纽交所：RSPG）获得该股的曝光。
Price Action: DVN shares are down 2.78% at $45.72 at the last check Monday.
截至周一最后一次查看时，DVN股票跌2.78％至45.72美元。
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